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USPH

U S PHYSICAL THERAPY INC /NV
7 filings tracked
healthcarehealthcare servicesSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

U.S. Physical Therapy is demonstrating significant operational resilience, with net revenue climbing 7.9% to $198.3 million in the first quarter of 2026. This growth is underpinned by a 6.9% increase in patient visits and a steady rise in net reimbursement rates.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the narrative of scale, USPH's financial health shows signs of strain, with net income attributable to shareholders plummeting 49% year-over-year to $5.0 million.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing presents a dichotomy between strong top-line operational momentum and a complex, debt-heavy capital structure. While the growth in patient visits and the success of the IIP segment suggest a healthy demand for services, the GAAP bottom line is heavily distorted by non-cash revaluations and contingent earn-out adjustments. The transition to a new $450 million credit facility provides necessary liquidity, but it also underscores the company's dependence on external financing to sustain its growth model. Ultimately, the investment thesis hinges on whether the operational gains from hospital alliances and IIP expansion can outpace the rising costs of debt and the inevitable cash outlays required to buy out minority partners. Investors must weigh the ability of USPH to scale its high-margin services against the risk of a liquidity crunch should the redeemable non-controlling interests be triggered in a high-interest-rate environment.

Selected Quarter

Core Takeaway

USPH is growing its top line and diversifying into high-margin IIP services, but is burdened by a massive redeemable equity liability that could trigger significant cash outflows.

Investor Lens

The trade-off between aggressive M&A-driven scale and the resulting balance sheet fragility.

Watch Next

The impact of the new $450M credit facility on leverage ratios and the rate of minority interest buyouts.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)-0.00Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bearishMay 8

GAAP EPS fell to a loss of $(0.12) compared to $0.80 in the prior year.

earnings miss
70%
bearishMay 8

Core physical therapy gross profit margin declined from 16.6% to 15.8%.

margin compression
40%
bullishMay 8

Secured a new $450 million credit facility to fund growth and refinance debt.

capital raise
60%
bullishMay 8

Expanded clinic count to 783 through strategic acquisitions and satellite development.

acquisition
50%
bearishMay 8

GAAP EPS fell to a loss of $(0.12) compared to $0.80 in the prior year.

earnings miss
70%
bearishMay 8

Core physical therapy gross profit margin declined from 16.6% to 15.8%.

margin compression
40%
bullishMay 8

Secured a new $450 million credit facility to fund growth and refinance debt.

capital raise
60%
bullishMay 8

Expanded clinic count to 783 through strategic acquisitions and satellite development.

acquisition
50%
bearishMay 8

GAAP EPS fell to a loss of $(0.12) compared to $0.80 in the prior year.

earnings miss
70%
bearishMay 8

Core physical therapy gross profit margin declined from 16.6% to 15.8%.

margin compression
40%
bullishMay 8

Secured a new $450 million credit facility to fund growth and refinance debt.

capital raise
60%
bullishMay 8

Expanded clinic count to 783 through strategic acquisitions and satellite development.

acquisition
50%
bearishMay 8

GAAP EPS fell to a loss of $(0.12) compared to $0.80 in the prior year.

earnings miss
70%
bearishMay 8

Core physical therapy gross profit margin declined from 16.6% to 15.8%.

margin compression
40%
bullishMay 8

Secured a new $450 million credit facility to fund growth and refinance debt.

capital raise
60%
bullishMay 8

Expanded clinic count to 783 through strategic acquisitions and satellite development.

acquisition
50%
bearishMay 8

GAAP EPS fell to a loss of $(0.12) compared to $0.80 in the prior year.

earnings miss
70%
bearishMay 8

Core physical therapy gross profit margin declined from 16.6% to 15.8%.

margin compression
40%
bullishMay 8

Secured a new $450 million credit facility to fund growth and refinance debt.

capital raise
60%
bullishMay 8

Expanded clinic count to 783 through strategic acquisitions and satellite development.

acquisition
50%
bearishMay 8

GAAP EPS fell to a loss of $(0.12) compared to $0.80 in the prior year.

earnings miss
70%
bearishMay 8

Core physical therapy gross profit margin declined from 16.6% to 15.8%.

margin compression
40%
bullishMay 8

Secured a new $450 million credit facility to fund growth and refinance debt.

capital raise
60%
bullishMay 8

Expanded clinic count to 783 through strategic acquisitions and satellite development.

acquisition
50%
bearishMay 8

GAAP EPS fell to a loss of $(0.12) compared to $0.80 in the prior year.

earnings miss
70%
bearishMay 8

Core physical therapy gross profit margin declined from 16.6% to 15.8%.

margin compression
40%
bullishMay 8

Secured a new $450 million credit facility to fund growth and refinance debt.

capital raise
60%
bullishMay 8

Expanded clinic count to 783 through strategic acquisitions and satellite development.

acquisition
50%

Filing History

10-QMay 8, 2026
Expand Sequence

The Q1 2026 filing presents a dichotomy between strong top-line operational momentum and a complex, debt-heavy capital structure. While the growth in patient visits and the success of the IIP segment suggest a healthy demand for services, the GAAP bottom line is heavily distorted by non-cash revaluations and contingent earn-out adjustments. The transition to a new $450 million credit facility provides necessary liquidity, but it also underscores the company's dependence on external financing to sustain its growth model. Ultimately, the investment thesis hinges on whether the operational gains from hospital alliances and IIP expansion can outpace the rising costs of debt and the inevitable cash outlays required to buy out minority partners. Investors must weigh the ability of USPH to scale its high-margin services against the risk of a liquidity crunch should the redeemable non-controlling interests be triggered in a high-interest-rate environment.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.